Making Your Dream a Reality: 5 Keys to a Successful Startup

"Making Your Dream a Reality: 5 Keys to a Successful Startup" Blue

~ by Hannah Whittenly ~


Making Your Dream a Reality: 5 Keys to a Successful StartupEvery great business starts with an idea that evolves to become a bunch of great ideas. But what entrepreneurs do from the time they conceive an idea determines whether their entrepreneurial venture can become successful.

Here are five ingredients of startup success.

1. Do Your Homework

The first thing you need to do is get to know if your idea if indeed viable. Research online, talk to experts and visit conferences in your industry with a leading objective of wanting to know whether you are the first with this idea. Your next objective should be getting to know if there is another person with a different plan that can address the same problem.

2. Know Your Customers

The sole objective of any entrepreneur should be designing a project that sells. To do this, you need to understand your targeted customers, their current needs, their lifestyle, and their purchasing power. Based on your findings, try to foresee the upcoming demands and design a plan that can better meet those needs.

3. Determine your Resource Requirements

Get to know what exactly you need to get started. If you can build it in your basement using easily available materials and tools, then you are set to go. If you need a co-founder or founding team, you need to start looking at the right ones. If you aim to own 100 percent of your startup, you’ll need deep pockets. You can still consider taking a commercial loan or taking part in crowdfunding programs to secure capital.

You still have to decide the form of business that you want, whether a sole proprietorship, partnership, or corporation. Remember that some brilliant business ideas fail to see the light of the day simply because of a lack of the right resources and the right partners. Expect to spend a substantial amount of time in this area.

4. Write Your Business Plan

There is so much to think about when it comes to your business plan. You need to evaluate where you have come from and where you are now. Doing so will allow you to make a realistic estimate of how far you can go and what goals you need to set to get there. To help you come up with your own goals, try and answer some of the following questions:

  • On average, how much more profit are you making every month this year than you were last year?
  • Are you spending more on your company than you’re earning?
  • If you haven’t reached the break-even point, when do you expect to reach that point?
  • How much in debt are you and your business?
  • What product does your business provide that is the least cost-effective?

Take the time to answer each of these questions honestly. By answering each question and coming up with solutions, you’ll know what area of your business you need to focus on the most to help it be successful. Of course, coming up with the answers to all of these questions may be tough. If at any point, though, you find yourself struggling with the overall financial analysis part of it, don’t hesitate to contact a professional.

5. Be Open Minded

The entirety of this process, including preparing a detailed and practical business plan, is very costly. Unfortunately, this plan is not a casting stone. It is critical to maintaining flexibility in it. Pivoting is always an option for many businesses that want to thrive. Follow new opportunities wherever they may lead you. We can learn this lesson from Tracy Rawle, a CEO of Check City. He rose to become the manager of his father’s two restaurants. Later in the course of their operations, they found it prudent to sell these restaurants and enter the financial services business, which is performing very well today.

Learn the trend that your business is taking. You can do an annual review to get to know your performance and then update your goal sheet for the following year, reprint it and redesign it. Where possible, keep the old goal sheets to enable you to accumulate several successive annual goal sheets for long-term decision making.

The odds of your dream not being fulfilled are indeed fairly high, but you can succeed if you do adequate research, have the right resources, create a comprehensive business plan, and remain open to new ideas. Getting over the startup challenges is a common trouble that many up-and-coming entrepreneurs face.

Meet the Author: Hannah Whittenly

Hannah Whittenly is a freelance writer and mother of two from Sacramento, CA. She graduated from the University of California-Sacramento with a degree in Journalism.


All Categories

Business Operations

Entrepreneur Interviews

Marketing, Networking, & Social Media

Self Care & Personal Development

Working Moms

Business Software and Technology

Entrepreneurship & Small Business

Organizing Tips


Career Building

Family Businesses


Starting Your Own Business

Work-Life Balance


Hiring Help

Management & Leadership

Time Management & Priorities

Women in Leadership

Recent Posts

Want To Sell Property Fast?  Do These 5 Things

Want To Sell Property Fast? Do These 5 Things

Mike Johnson is a freelance writer and human rights activist and enthusiast. Through his extensive research and commitment to the field of law, Mike has established himself as a well-decorated writer in this field. Mike currently settles in Las Vegas.

Generations of Success: The Unique Charms of Family-Run Home Businesses

Generations of Success: The Unique Charms of Family-Run Home Businesses

The blog celebrates the heartwarming essence of family-run home businesses. It delves into their special qualities: the personal touch they offer, the deep expertise passed through generations, the cozy and inviting atmosphere they create, their integral role in the community, adaptability, genuine passion, meticulous care in crafting goods, and the captivating stories woven into their existence. Supporting these businesses isn’t just about transactions; it’s about nurturing the soul of our communities, preserving traditions, and embracing authenticity in a world that sometimes feels distant.

How Mastering the Alchemy of Car Finance and Insurance Transforms You Into a Savvy Owner

How Mastering the Alchemy of Car Finance and Insurance Transforms You Into a Savvy Owner

This essential read delves into the intricacies of navigating car loans, understanding insurance policies, and making informed decisions that lead to significant savings and wise investments. Whether you’re a first-time buyer or a seasoned vehicle owner, our insights will equip you with the knowledge to manage your automotive finances like a pro, ensuring peace of mind and financial savvy in your journey as a car owner.

10 Ways to Enhance Your Customer Service

10 Ways to Enhance Your Customer Service

In the dynamic landscape of business, customer service remains a linchpin for success. The ten strategies we’ve discussed here provide a roadmap to enhancing your business’s customer service capabilities. From fostering a positive company culture to personalizing your services and leveraging technology to assist, by continuously refining your approach to customer service, you can differentiate your business in a crowded marketplace.

Tactics to Skyrocket Your On-Demand Beauty App Installs

Tactics to Skyrocket Your On-Demand Beauty App Installs

Dive deep into effective marketing techniques, user engagement strategies, and optimization tips to drive success in the competitive app landscape. Unlock the secrets to increasing app visibility and attracting more users to elevate your salon business to new heights.